No, the request for more autonomy is merely under the guise of remaining in a system as-is, except for expanded voting powers. The "Division IV" that Slive mentions is actually a new subdivision.
The autonomy requested is just a pretense to wind up going to the new subdivision. They're going to act like they're working to keep FBS together in the meantime, if schools are willing to grant autonomy. If (when) it doesn't happen, they'll create a third Division I subdivision (which is being phrased as Division 4)
Edit: they've been discussing a need for another subdivision at their annual meetings and in newsletters for the past three seasons. But these threats are the first time they've mentioned the division in public. First, they need to make it look like they tried to make this current arrangement work, but when schools are unable or unwilling to grant the autonomy necessary to cater to athletes' interests, they'll then create the new subdivision.